The monetary1 system of the Western World is based on the agreement on the establishment of the International monetary Fund （IMF）, which was made at Bretton Woods, New Hampshire （USA）, in 1944. The two principal purposes of the IMF are to promote exchange stability and to help member countries overcome temporary difficulties in their balance of payments. Under the IMF system, the US dollar is the key or leading currency. Each member country of the IMF undertakes to establish a parity2 of its currency in terms of gold and the US dollar and to keep fluctuations4 of the dollar exchange rate -- or, more exactly, the spot rate within the limits of the band or fluctuation3 margin5. Originally, the band was 2 per cent （1 per cent on either side of the parity）; in December 1971 it was widened to 4.5 per cent （2.25 per cent on either side）, the upper and the lower intervention6 point. Each member country's central bank must, if necessary, buy or sell dollars to keep the dollar rate from falling below the lower or rising above the upper intervention point. In this manner, the other currencies, among themselves, cannot deviate7 from one another by more than double the fluctuation margin , or 8 per cent.西方世界的货币体系是依据1944年在美国新罕布什尔州布雷顿森林拟定的关于打造国际货币基金组织协议而形成的。国际货币基金组织的两个主要宗旨是促进汇率稳定和帮助会员国克服国际收入支出方面的暂时困难。在国际货币基金组织体系下，USD是重点货币。国际货币基金组织的每个成员国承担着稳定本国货币与黄金和USD平价的责任，并使USD汇率或者，更准确地说USD现汇汇率的波动限制在规定的幅度内。刚开始，波动幅度为2%（在平价上下各1%）；1971年12月，这一波幅扩大为2.25%，即上下干涉点。每一个成员国的中央银行在必要时应买进或抛售USD，使USD汇率降低的幅度高于最低点，或者上升的幅度低于最高点。以如此的方法，其他货币之间相互偏离的幅度不可以超越波动幅度的两倍，或者说，不可以超越8%。The parities8 can be changed if need be, but changes in excess of 10 per cent require the approval of the Fund. Parity changes have to be made to correct an imbalance resulting from a permanent improvement or deterioration9 of a country's competitive position. If, for example, a country has a lower rate of inflation than the other countries, its exports will increase and its imports decline. The growing demand for the currency of this country will cause its external value to appreciate, but since under a system of fixed10 or pegged11 parities，exchange rate fluctuation are limited----a point will be reached from which the currency will become increasingly undervalued. If, on the other hand, a country has a higher inflation rate than the other countries, the opposite will be true and the currency of this country will become increasingly overvalued.Such an imbalance is further aggravated12 by a speculative13 run out of the overvalued currency into the undervalued one. Therefore, it will eventually be necessary to upvalue the undervalued currency and/or to devalue the overvalued one.假如需要，平价可以调整，但调整幅度超越10%，须经基金组织批准。进行平价调整的目的是为了纠正因为永久性地改变一国的角逐情况，或一国角逐地位恶化而导致的国际收入支出失衡。譬如，假如一国的通货膨胀率低于其他国家，该国的出口将会增加，进口将会降低。对该国货币需要的增加将使其货币的对外价值上涨，但，由于在固定汇率或钉住重点货币的规范下，外汇汇率的波动是遭到限制的 上涨到某一点后，该货币就会不断贬值。其次，假如一个国家的通货膨胀率高于其他国家，就会出现相反的状况，该国的货币就会持续的升值。这种国际收入支出不平衡的情况会由于投机活动而进一步加深，即因为价值高估的货币很多流入货币价值低估的国家所导致。因此，提升低估货币的价值和/或减少高估货币的价值，最后成为势必
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